Overview
Nayya is a forefront software and data infrastructure enterprise headquartered in New York City, dedicated to the optimization of employee benefits through its innovative AI-powered platform. Their solutions are specifically designed to empower employees to make informed health and financial decisions. With a mission to transform the employee benefits selection and utilization process, Nayya endeavors to enhance employee wellbeing in both professional and personal settings.
Strategic Direction
Nayya is on a mission to revolutionize the employee benefits sector by deploying cutting-edge artificial intelligence and data science. Central to its strategy are extensive partnerships with major industry players, including Workday and Vensure, aimed at personalizing health and wealth benefits to optimize outcomes for employees while delivering substantial ROI to employers.
Leadership Team
- Sina Chehrazi: Founder & CEO, guiding Nayya's strategic vision and its efforts to address information gaps within the healthcare industry.
- Sarah Liebel: President & COO, focusing on operational leadership and the company's growth.
- Bala Pitchandi: Chief Product and Technology Officer, spearheading product innovation.
- Saiba Sabherwal Saxena: Chief Financial Officer, managing financial strategies for sustainability and growth.
Financial Overview
Nayya has successfully accumulated approximately $106 million in capital through various funding rounds, with major contributions from ICONIQ Growth, ADP Ventures, and Workday Ventures. The company's valuation is currently estimated to be between $500 million and $600 million, highlighting its significant footprint in the benefits technology market.
Recent Developments
- Funding and Valuation: In March 2022, a successful $55 million Series C funding round doubled Nayya's valuation, primarily financed by ICONIQ Growth. The funds are targeted at expanding Nayya’s recommendation and personalization capabilities.
- Growth Trajectory: The company reports a remarkable sevenfold increase in its revenue compared to the previous year, while expanding its reach from large enterprises to smaller businesses.
- Product Expansion: Nayya continues to broaden its product slate, incorporating life insurance, financial planning, and mental health services for a holistic employee wellness approach.
Compliance and Ethics
Nayya is committed to the highest standards of data privacy and security, strictly conforming to compliance protocols such as HIPAA, SOC 2 + HITRUST, and CCPA, ensuring the protection of user information.
Competitor Profiling of Nayya
Overview
In the dynamic landscape of employee benefits and HR technology, Nayya faces substantial competition as it endeavors to deliver AI-driven optimization solutions that cater to the payroll and benefits sectors.
Key Competitors
1. Forma: Specializes in flexible benefits that support employee lifestyle needs, offering a variety of accounts like LSA, FSA, HSA, and HRA to match the modern workforce's demands.
2. Paycom: Provides comprehensive human capital management and online payroll solutions, focusing on integration of payroll, HR, and talent management.
3. Asure Software: Delivers cloud-based HCM solutions that aid businesses in developing human capital while maintaining compliance.
4. YuLife: A leading insurtech firm integrating health and wellness benefits through gamification and rewards to boost employee engagement.
5. Dayforce: Offers global human capital management solutions, integrating HR, payroll, benefits, talent, and workforce management through a cloud-based platform.
Market Insights
- Market Position: Nayya contends with dominant market leaders in payroll and benefits, such as QuickBooks Payroll, Sage Business Cloud Payroll, and Paylocity.
- Distinct Offerings: Competitors differentiate themselves with customizable and versatile benefits plans that cater to evolving business and employee requirements.
Additional Competitors
Additional notable participants in the market include:
- Benefitfocus, WEX Health, Inc., Alight Solutions
- BambooHR, Gusto, Rippling, Justworks
- Benepass, Budgie Health, Pasito
Financial Standing
Currently, Nayya generates approximately $19.1 million in annual revenue, with a workforce of 132 employees, indicating a strong position within the emerging HR tech sector.
